• Title/Summary/Keyword: 자본구조

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A Study on the Influence of Social Capital on the Firm's Performance - Focusing on the Mediated moderation effect of Knowledge Absorption Capacity - (BtoB 기업간 형성된 사회적 자본이 기업성과에 미치는 영향에 관한 연구 - 지식흡수역량의 매개적 조절효과를 중심으로 -)

  • Eum, Seong-Won;Leem, Byung-Hak
    • Management & Information Systems Review
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    • v.36 no.5
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    • pp.175-193
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    • 2017
  • This study examines the effect of social capital formed on B to B inter - firm transactions on firm's performance through a research model developed around the mediating effect of knowledge absorption capacity. In other words, we examined how each level of social capital affects firm performance. by examining the dimensions of social capital that are not presented in previous studies, we have identified how each element of social capital affects corporate performance. in addition, the effects of knowledge absorption on firm performance are analyzed and presented in various ways. The results of the study are summarized as follows. First, social capital is divided into three dimensions. In other words, the relationship between structural elements, relational dimensions, and cognitive dimensions was verified. First, the structural dimension influenced the relational dimension, and the relational dimension had a positive effect on the cognitive dimension. this is meaningful in that it solved what is pointed out as a limit in previous studies. this is meaningful in that it verified what was pointed out as a limit in previous studies. secondly, the structural dimension influenced the cognitive dimension. Second, each component of social capital has a positive impact on knowledge absorption capacity. Finally, it was found that knowledge absorption capacity had a positive effect on the corporate culture, and it was confirmed that knowledge absorption capacity was important. the extent to which social capital is absorbed in BtoB transactions means that the performance of the two companies can be quite different.

A Review on the Contemporary Changes of Capital Structures for the Firms belonging to the Korean Chaebols (한국 재벌기업들의 자본구조변화 추이에 관한 재무적 관점에서의 고찰)

  • Kim, Hanjoon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.15 no.1
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    • pp.86-98
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    • 2014
  • This study examined a long-standing issue with its perverse results in the Korean capital markets, such as any variant financial profiles over time, affecting capital structure for the firms belonging to the chaebols. It may be of interest to identify these components from the perspectives of international investors and domestic policy makers to implement their contingent strategies on the target leverage, since the U.S. financial turmoils in the late 2000s. Regarding the evidence from the three hypothesis tests on the firms in the chaebols, this research found that the control variabels measuring profitability, business risk, and non-debt tax shields, showed their statistically significant relationships with the different types of a debt ratio. While FCFF(free cash flow to the firm) showed its significant influence to discriminate between the firms in the chaebols and their counterparts, not belonging to the chaebols, BDRELY as the ratio of liabilities to total assets, comprising the enhanced 'Dupont' system, only showed its statistically significant effect on leverage in the context of the parametric and nonparametric tests. In line with the results obtained from the present research, one may expect that a firm in the Korean chaebol, may control or restructure its present level of capital structure to revert to its target optimal capital structure towards maximizing the shareholders' wealth.

개방경제하(開放經濟下)의 "거시적 증권정책(巨視的 證券政策)"

  • Kim, Yu-Man;Lee, Il-Gyun
    • The Korean Journal of Financial Management
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    • v.10 no.2
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    • pp.1-51
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    • 1993
  • 본 논문의 목적은 첫째, 자본자유화로 인해 통화공급 구조가 이미 균형에서 이탈하여 심각한 수준의 불균형 상해에 있다는 점을 실증적으로 입증하고자 한다. 둘째, 자본유입에 따른 정책조정 비용을 감안한 통화정책 모형을 통해 주장에 대한 이론적 근거를 제시하고, 정책 조절에 수반되는 손실비용(損失費用)과 Mundell의 $\ulcorner$할당 문제(割當 問題)$\lrcorner$를 다시 조명해 보고자 한다. 세째, 자본유입에 따르는 문제점들을 해결할 수 있는 정책방안들을 Modigliani ar Miller의 명제(命題)에 입각한 새로운 각도에서 합리적 인 증시정책을 모색해 보고자 한다. 분석의 이론적 틀로서는 자본유입에 따라 수반되는 불확실성하의 정책조절 비용을 감안한 손실비용 최소화(loss cost minimization)를 통해, 통화 당국자는 총통화량을 정책적으로 내정된 목표값에 수렴시킨다고 가정하였다. 다른 한편, 자본유입에 따르는 문제점들을 통화시장에만 제한시키는 부분적(部分的) 균형분석(均衡分析) 대신, 이를 증권시장으로 직접 연계시켜 두 시장으로 확장된 틀을 활용하였다. 본 논문의 연구방법은 다음 두가지 측면의 접근식을 따랐다. 첫째, 자본자유화정책의 특성을 살펴보기 위해, 자본자유화 시점을 기준으로 삼아 과거 자본통제 시대의 $\ulcorner$사후적(事後的)인 중화정책(中和政策)$\lrcorner$에 의존하는 $\ulcorner$소극적(消極的)인 증권정책(證券政策)$\lrcorner$과 자본자유화시대의 $\ulcorner$사전적(事前的)인 상살정책(相殺政策)$\lrcorner$에 의한 $\ulcorner$거시적(巨視的)인 증권정책(證券政策)$\lrcorner$을 통해 고찰하는 비교분석론에 입각한 접근식을 택했다. 둘째, 외국자본의 유입동기(流入動機)를 문제해결의 시발점으로 삼아 이를 새로운 개방정책과 직결시켜 문제해결의 실마리를 풀어 보려는 선험적(先驗的) 접근식(接近式)을 택했다.

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An Empirical Analysis of the Differences in Their Capital Structure Between Christian-Managed Firms and General Firms : A Biblical Approach (기독인 경영기업과 일반기업의 자본구조전략 차이에 관한 실증적 분석 : 성경적 접근)

  • Park, Jeong-Yun
    • The Korean Journal of Financial Studies
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    • v.4 no.1
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    • pp.73-92
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    • 1998
  • 본 논문은 기독인 경영기업과 일반기업의 자본조달전략에 차이가 존재하는지를 미국 기독인 경영기업의 최고경영자를 대상으로 설문조사를 통해 실증분석하였다. 실증분석에 앞서 성경에 기초하여 부채에 관한 원리를 찾아서 정리하였다. 그 다음 도출된 차입원리에 기초하여 네 개의 가설을 설정하였다. 중심된 가설은 기독인 경영기업과 일반기업의 부채비율에 차이가 존재하는가 이었다. t-검증을 한 결과 두 집단의 부채비율에 통계적으로 유의한 차이는 없었다. 그러나 일부의 기독인 경영기업은 무부채정책을 추구하고 있는 것으로 조사되었다. 본 연구는 기업간의 상이한 자본구조의 차이를 성경적으로 접근하여 설명을 시도하였다는 데 그 의의가 있다.

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Further Evidence on the Existence of an Inter- and Intra-Industry Optimal Capital Structure for the KOSPI-listed Firms in the Korean Capital Market (국내 유가증권시장 상장기업들의 산업간 그리고 산업내의 최적자본구조의 존재에 대한 추가적인 실증 분석)

  • Kim, Hanjoon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.18 no.6
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    • pp.110-118
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    • 2017
  • This study investigated empirically one of the controversial subjects in modern finance, in that there is an optimal level of capital structure for KOSPI-listed firms in the Korean capital market. Given the major theories on the capital structure, such as Myers' pecking order, trade-off, and agency cost ones, this study applied an analysis of covariance models in parametric and non-parametric statistical methods. In particular, two covariates to control for the possible effects of trade-off and agency cost, were employed separately in each corresponding model, while the other proxy for pecking order rationale was adopted in previous research [1] to conduct inter- and intra-industry analyses. Based on the outcomes obtained from the study, it was demonstrated empirically that there are optimal capital structures for firms in the sample industries at the inter-industry level, whereas statistical differences indicating non-existence of an optimal point, were revealed within the industry. Accordingly, these findings suggest a new vision to potential investors that firms in the domestic market may have financial opportunities to increase their value by gradually adjusting the leverage ratios in terms of the intra-industry perspective.

The Impact of Capital Structure for Ship Investments on Corporate Stability (선박투자자금의 조달구조가 기업의 안정성에 미치는 영향)

  • Cho, Seong-Soon;Yun, Heesung
    • Journal of Navigation and Port Research
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    • v.45 no.6
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    • pp.276-283
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    • 2021
  • The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

The Changing Industrial Location Factors in Korea: A Review on Structural Approach (우리 나라산업입지 변화요인 분석: 구조적 접근)

  • 김재철
    • Journal of the Economic Geographical Society of Korea
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    • v.2 no.1_2
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    • pp.27-45
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    • 1999
  • Recently, the changes of industrial location can be explained as the concentration of small and medium manufacturing firms or high technology industries by industrial restructuring in Seoul metropolitan area, and the dispersion of large companies'branch plant into the peripheral region in Korea. Particularly deindustrialization is progressing in the inner city and manufacturing firms disperse into the outer city in Seoul metropolitan area. This study reviews on the structural perspectives for the changing industrial location factors. The development of capitalism organizes economic spacial structures and Its characteristics can be reasons which can raise changes in industrial location. Korean economy rapidly grew in the movement process of international capital. And capital accumulation by continuous economic growth is raising the spatial division of labor or the spatial difference and inequality on land price, wages. the base of labor reproduction. Therefore, these factors are the most reasons to raise the changes of industrial location in Korea. Hereafter the study on these factors, that is, in relation to sociocultural structure and land use structure have to be progress more concretely.

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An Examination of the Effects of Social Capital on Children's Depression (사회자본이 아동 우울에 미치는 영향)

  • Kim, Yeun-hee;Kim, Sun-suk
    • Korean Journal of Social Welfare Studies
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    • no.36
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    • pp.103-127
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    • 2008
  • This study investigated the mechanism and the degree of the effects of social capital on children's depression by using the Korean National Child and Adolescent Panel data Yr. 1. We predicted that the human capital of a child's family such as education and income would influence children's depression directly, and indirectly through family and community social capital. We further predicted that the influence of the community social capital would be exerted on the depressive symptoms more so through the family social capital. The findings suggest that both the human capital and the community social capital influence children's depression through family social capital more so than directly. The findings underscore the importance of the qualities of family relationship for a child's mental health and suggested family policies and intervention strategies that strengthen families.

Governance Structure of Chaebols and Cross Debts Guarantee (재벌의 지배구조와 상호지급보증)

  • Jinn, Tae-Hong
    • The Korean Journal of Financial Management
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    • v.17 no.1
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    • pp.1-12
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    • 2000
  • 본 논문은 5대 재벌 계열사들을 대상으로 재벌의 상호지급보증이 재벌의 지배구조 및 자본구조와 어떤 관련이 있는가를 실증적으로 분석하였다. 지급보증을 분석하면 지배주주의 지분율이 작은 회사일수록 그리고 상장기업일수록 타계열사에 대한 지급보증이 커진다는 것이 확인되었다. 한편 피지급보증을 보면 지배주주 지분율이 별로 영향을 주지 않는 것으로 분석되었다. 이러한 결과는 지배주주와 소액주주사이의 대리인문제가 계열사로부터의 피지급보증보다는 주로 계열사에 대한 지급보증에서 나타나고 있는 것을 시사하고 있다. 부채의존도가 높은 기업일수록 계열사에 대한 지급보증이 크다는 분석결과는 우리나라 금융기관과 재벌사이의 부채의 대리인문제가 심각하다는 것을 시사하고 있다.

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The Reproduction of the class in games and The direction of regulation of Game Hack - Focusing on the Online FPS game 'Overwatch' and 'Battleground' communities - (게이머 계급의 재생산과 게임 핵의 규제 방향성 - 온라인 FPS 게임 '오버워치'와 '배틀그라운드' 커뮤니티를 중심으로 -)

  • Jo, Hui-Seon
    • Journal of Korea Game Society
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    • v.21 no.2
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    • pp.3-16
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    • 2021
  • This study examined to the aspects of capital and class structure, focusing on 'Reproduction' of Bourdieu, P, through collecting the post titles of the game community of online FPS games 'Overwatch' and 'Battleground', related to keyword, 'Game Hack'. The data used in the study was collected and refined through the statistical program R and analyzed by the analysis site 'Bigkinds'. At results, we will reveal that the class structure of the online FPS gamer group is based on cultural capital and reproduction, and suggest the right direction for the Game Hack regulation policy from the point of view of the cultural capital theory.